Gem City Engineering building, land sold for $6.1 million

DAYTON — A foreign limited liability company has acquired the Gem City Engineering and Manufacturing building on Leo and Keowee streets for more than $6.1 million, local property records show.

TE Dayton Funding Co. LLC, registered with the state in June, bought the Dayton building from NL Ventures X Leo LLC late last week, Montgomery County records show.

Part of the same transaction was 4.35 acres of land at 1425 N. Keowee St. The Leo Street parcel is about 5.5 acres. The building there, first built in 1941, offers nearly 90,000 square feet of warehouse space and offices.

Allen Goad, the former president of H-D Aerospace and Defense of greater Los Angeles, was named Gem City’s chief executive in February 2019.

Goad “has total support of CapitalWorks, LLC, the Cleveland based private-equity firm that owns Gem City,” Capital Works said in a press release dated Sept. 4. “His core professional competencies are profit and loss management, total business strategic vision and execution.”